How to improve your credit score
This article is full of hits and tips to help you improve your credit score. Many of us worry about our credit history and how it can affect us in the future. Here are our top tips on improving your credit score!
Improve your credit score – Avoid late payments
Making your credit payments on time is one of the biggest factors to affect your credit scores. Some banks offer payment reminders through their online banking portals. They can send you an email or text message reminding you when a payment is due.
Why not set up all your payments on a standing order or direct debit? Set them up on a date shortly after pay day so you don’t have to worry about making your payments on time.
Keep balances low on credit cards and other revolving credit
Credit card companies are looking for people that use their cards often, pay on time and don’t constantly shift their balances to 0% cards. They need to see that you are managing your credit card but also that you are a profitable customer!
Check your credit file regularly
Every company you have credit with will report into a credit reference agency, errors happen and can dramatically affect your score. Check them out at one of the 3 major credit reference agencies:
Keep applications limited
When you apply for loans it leaves a footprint on your credit file, and too many of these especially in a short amount of time, can lower your score and affect your future applications.
Many lenders now have a loan eligibility calculator, which means only a soft print will be left on your credit file, so lenders won’t see and you’ll know before you apply if you are likely to be approved. Meaning you can minimize your applications.
Ensure you are on the electoral roll
If you aren’t registered to vote on the electoral roll it’s your credit score will be hugely affected. This gives a company the confidence that you are registered and able to apply for credit at your address.
Registration online is quick and easy and you can do this, by clicking the picture below:
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